During the buying frenzy that we had some months back, some prospective buyers were making offers that included forgoing a home inspection. It was not uncommon for a seller to receive 10 to 12 offers on a property, many of which were for more than asking price. In order to compete with other buyers, an offer forgoing the home inspection was an attempt to make the offer more competitive. Obviously, with no home inspection, the process would go faster, particularly when eliminating the time necessary to make repairs for items that might need attention. That’s great for the seller, but not a good idea for the buyer.

Don’t Do it!

Things have slowed down from the buying frenzy that we were seeing before. However, forgoing a home inspection was never a good idea. Just one item being overlooked could add thousands of dollars of costs required in the purchase of the home. The average cost to replace a roof in Florida is $9,200. For the average single family home, the cost to replace an air conditioner is about $6,500.

A thorough inspection is a critical step in purchasing a home. Home inspections can uncover potentially life-threatening problems like mold or faulty wiring that could cause a significant fire.

The top five things home inspectors look for

• Foundation. The foundation is the workhorse of a house.
• Roof. Roof quality and performance can also make or break a house deal.
• Plumbing. Is there anything worse than a leak?
• Electrical systems.
• HVAC system.

If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren’t comfortable with what he finds, contact your Realtor to discuss options and renegotiation.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater and Tampa Bay area, and serving all of Florida. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.